ETH set for more gains versus Bitcoin

ETH/BTC may erase its losses altogether in April, as Ethereum’s long-anticipated Shanghai hard fork nears

Ether declined by more than 7.5 per cent in its Bitcoin pair during 2023. But ETH/BTC may erase its YTD losses altogether in April, as Ethereum’s long-anticipated Shanghai hard fork nears.

The upgrade is set for April 12, allowing Ethereum stakers to withdraw nearly 1.1 billion ETH in rewards — worth more than $2 billion as of April 8.

Many experts view the hard fork as bullish for Ether over the long term. For example, the Shanghai buzz has aided Ether surpass Bitcoin in April.

Due to this, the ETH/BTC pair has increased by nearly 4.75 per cent month-to-date to reach 0.066 BTC as of April 8, around 8 per cent bounce back since March 20.

The rebound was largely anticipated, especially as ETH/BTC declined to its historical ascending trendline support. Now, the gains raise the possibility of an increased bullish retracement toward its descending trendline resistance.

The fractal-based view puts Ether on target for 0.075 BTC by June, 10 per cent higher compared with the current price.

This bearish argument is in line with independent market analyst CrediBULL Crypto who anticipates strong selling pressure near the 0.067 BTC resistance mark that would lead to a 50 per cent decline this year.

The ETH/USD pair has rallied by over 50 per cent this year, basically because of similar uptrends elsewhere in the crypto market.

A weakening dollar, lower U.S. Treasury yields and anticipations of a Federal Reserve pivot on interest rate raises have assisted crypto currencies increase across the board during the first quarter. These catalysts will probably remain in the spotlight until FOMC meeting in May.

Because of this, Ether could maintain its yearly advances in April, consolidating inside the $1,800–2,000 range until the Fed decision.

In addition, a decisive breakout at present levels could result in more gains with a Q2 ETH price target of more than $3,000.